Vehicle sales up in 7 months
A joint report released yesterday by the Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association showed vehicle sales surged 18.1 percent from January to July to 233,115 units from 197,447 units in the same period last year. File
MANILA, Philippines - Vehicle sales shifted to higher gear in the first seven months, staying on track of meeting the country’s year-end target.
A joint report released yesterday by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association showed vehicle sales surged 18.1 percent from January to July to 233,115 units from 197,447 units in the same period last year.
The automotive industry was also off to a good start in the second half, posting sales of 36,951 units in July, a 23.3 percent jump from 29,967 units in the same month last year.
“We remain cautious as we enter the second half of the year. While monthly vehicle sales appear to continue to be strong, our initial overall market outlook for the year has not changed. As the original sales target by year-end looks achievable, we will continue to be vigilant with actual vehicle sales in the coming months,” CAMPI president Rommel Gutierrez said.
Sales of commercial vehicles during the seven-month period went up 24.7 percent year-on-year to 154,234 units, while passenger cars sold grew 8.3 percent to 79,881 units.
For the month of July alone, passenger car sales stood at 12,701 units, while commercial vehicle sales reached 24,250 units.
Toyota Motor Philippines Corp. continued to maintain its dominance in the local market with a share of 44.1 percent, followed by Mitsubishi Motors Philippines Corp. with 17.65 percent.
Toyota’s sales grew 19.3 percent year-on-year to 102,808 units, while Mitsubishi saw its sales increase 15.8 percent to 41,149 units.
Ford Motor Co. Philippines Inc. posted the third largest market share as of end-July with 8.44 percent, followed by Isuzu Philippines Corp. and Honda Cars Philippines Inc.
Sales of Ford stood flat at 9,668 units during the seven-month period, while that of Isuzu and Honda expanded 5.9 percent and 22.8 percent, respectively.
CAMPI expects total industry sales to reach another record high of 450,000 units by the end of 2017 on the back of continued motorization in the country, coupled with more attractive financing options for car buyers.
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